Early Retirement Extreme Update - 8 months of savings left!
View this post on Hive: Early Retirement Extreme Update - 8 months of savings left!
I've moved to Hive, along with most other people, following Justin Sun's takeover of Steem in the Spring of 2020. I believe hive is a lot more decentralised than Steem!
Was there ever a consideration of living aboard? Somewhere where the cost of living isn't so high or was that not feasible due to other personal commitments? Just wondering as I would hate to know when a deadline like this comes around... When you put a date/month you'll end up broke! That's why I always have a reserve/"untouchable" amount of cash in the bank and have always avoided loans (a part from a student loan...that was necessary in my situation for Uni). Credit cards are paid monthly to avoid unnecessary extra costs and stress.
I really hope the project takes off and these courses can end up being a passive income that surpasses your expenses. 😊
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It's only my cash reserves. I've got a diversified ~ £40 K that I regard as 'untouchable'.
That's not including my steem. It's too depressing atm!
An option is to rent the house out and head to Portugal or Vietnam to take advantage of cheaper living costs. Next November would be a great time to leave the UK too!
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Phewwww! You got the right idea - multiple baskets for multiple eggs 😉
Ah that Steem price! Well, consider your Steem as a long-term good egg (Easter egg)... Maybe it will blossom in 2025, 2030 or... Maybe it won't ever. We just have to hope and speculate.
Lucky you to be on the property ladder... Well, we are relatively still young, in our mid to late 20s, so we will get there. But, good idea with the rental. A Northern Irish friend of mine in Bangkok does this. Rents out his property in Belfast for £1,500 a month and lives out here comfortably, but not luxuriously for £1,000.
We'll be on here to see your journey! 😉
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I got lucky being born in the early 70s I guess!
Good luck getting on the ladder!
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There was some belt tightening, done by me, when waiting for government pension over the last couple of years. It surprised me how much we commit ourselves to monthly while not being fully required nor really something on our mind.
Things like cancelling cable. Using ones cell only when wifi is available using a free Fongo account. Even bicycling whenever safely possible for city transport to avoid $70 CAD per month for a transit pass and use tickets for rare weather demanding occations. Had the newest tenants taking responsibility for the electric in their unit. Something like $4000 CAD per year was saved by the trimming. Made it with crypto intact. If you can consider anything intact in this crypto market. 😎
Good effort!
TBH I should stop referring to myself as an early retirement 'extremist' - I'm much more of a leighweight.
There's more waste I could cull in there somewhere for sure!
I think having cut my mortgage/ service charge by £600/ month I'm still tripping out on that!
'intact'
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Sweet! 😎
Looks like you have it under control Karl. Good luck with the plan.
If steem price went back up to $2 would that have a significant impact?
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I'd need to work it out. I think my plans for steem are to draw down at some point in the future (maybe at $5) rather then use it to live off.
ATM I've got a buyer's mind set as @exyle would say.
Although that £5K is staying firmly in fiat!
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Wise moves...
Having a side income, not dependent on your day-to-day routine work is really important. It hedges your savings against unforeseen future calamities or shortcoming. Also, it is really important that the side-income is in an area not correlated with your day job. Otherwise, what's the point even?
So true - I'm gonna work on building some side incomes in 2019.
Although TBH A-level tuition should bring me in enough and it's pretty stable!
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I know it isn't as easy finding profitable items over there, but selling on eBay does me quite well. Surely more than enough to cover what you need to tread water.
Maybe stop by the charity shops every once in a while and see?
I might have to give that a go. I've noticed yr having success there!
I also fancy doing something totally different for a day or two a week, just not sure what. Something horticultural maybe?!?
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I personally don't agree with the idea of retirement at any age. I'm more interested in working my whole life in something fun for max 32hrs a week.
I don't either TBH... I'll always 'work'.... it'd just avoiding having to work that'd been my goal.
TBH now that I only need to work 2 dayd a week the thought of work doesn't really bother me!
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